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Forex

Canadian Dollar Slumps to Three-Week Low Amid US Dollar Strength

Guavy AI Editorial Team
Instruments
USD CAD
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The Canadian Dollar has fallen to its lowest level since July 9, with the USD/CAD pair rising to its highest level in three weeks. This comes as the US dollar (USD) remains strong due to Federal Reserve's hawkish outlook and surging US bond yields.

According to recent developments, US President Donald Trump rejected an Iranian proposal to reopen the Strait of Hormuz immediately, capping the upside for crude oil prices. The BoC's dovish policy outlook and US-Canada trade tensions are also weighing on the commodity-linked Loonie.

The USD/CAD pair has been in an upward trajectory since July 9, with spot prices holding firmly above the 100-day Simple Moving Average (SMA) at 1.3977. The fundamental backdrop suggests that the path of least resistance for spot prices remains to the upside.

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